Asked by Lavkush Tamrakar on May 17, 2024

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Verified

For a holder to turn to secondarily liable parties, what are the requirements?

Secondarily Liable

A legal obligation that falls onto a party only after the primary liable party fails to fulfill their liability.

  • Master the complexities associated with liability for endorsers and the structured liability sequence among endorsers and originators of promissory notes.
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Verified Answer

CT
Christopher ThurmanMay 17, 2024
Final Answer :
The holder must:
(1) Present the note to the maker for payment;
(2) Dishonor by the maker should occur; and
(3) The holder should then give notice of dishonor to secondarily liable parties (endorsers).